Various factors contributing to the fast-paced ascension of the global Bioplastic Packaging Market Items include stringent government policies curbing the use of non-recyclable plastics, coupled with a growing inclination towards sustainable alternatives.
The global Bioplastic Packaging Market Items is studied for different segments on the basis of type, application, and region. Based on type, the global market is segmented into Bio-PET, PLA, PBS, and Bio-PP. Bio-PET segment is currently dominating the global Bioplastic Packaging Market Items. This can be attributed to the extensive use of the same in the bottling and packaging industries. Bio-PET is a perfect substitute for conventional PET as it possesses the same properties and is widely used in the manufacturing of several packaging products. Such products include food containers, bottles, carry-away cups, and bags. Ascension in the demand for eco-friendly bottles and containers is likely to lead a fast-paced growth in the market over the forecast period. The PLA segment is expected to expand at the highest CAGR owing to advancements due to the integration of nanotechnology-based packaging to ensure the safety of the product.
The global Bioplastic Packaging Market Items is regionally segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to spearhead the global Bioplastic Packaging Market Items trailed by North America and Asia Pacific. This can be accredited to the high adoption of green packaging solutions and stringent government regulations curbing high use of conventional synthetic polymers.
Asia Pacific is expected to be a potential growth pocket for Bioplastic Packaging Market Items due to a haihg demand for packaged and wrapped products and changing lifestyle in the region. A rise in the purchasing power has led to an increased demand for bioplastic packaging in countries such as India and China.
Some of the profiled noteworthy players in the global Bioplastic Packaging Market Items include BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company